Report of the Directors of the Management Company (Urdu ...€¦ · Suit # 7, 11th Zamzama Steet, Phase-V, DHA Karachi. Registrar: ABL Asset Management Company Limited. 11 – B,

Report of the Directors of the Management Company (Urdu Version) 23

Jama Punji 25

ABL INCOME FUNDFUND’S INFORMATION

Management Company: ABL Asset Management Company Limited 11 – B, Lalazar M. T. Khan Road, Karachi.

Board of Directors Sheikh Mukhtar Ahmed Chairman Mr. Mohammad Naeem Mukhtar Mr. Muhammad Waseem Mukhtar Mr. Tariq Mahmood Mr. Kamran Nishat Mr. Muhammad Kamran Shehzad Syed Khalid Hussain CEO

Audit Committee: Mr. Kamran Nishat Chairman Mr. Muhammad Waseem Mukhtar Member Mr. Muhammad Kamran Shehzad Member

Human Resource and Mr. Muhammad Waseem Mukhtar ChairmanRemuneration Committee Mr. Kamran Nishat Member Syed Khalid Hussain Member

Chief Executive Officer of Syed Khalid HussainThe Management Company: Chief Financial Officer Mr. Saqib Matin& Company Secretary:

Chief Internal Auditor: Mr. Mubeen Ashraf Bhimani

Trustee: Central Depository Company of Pakistan Ltd. CDC House, 99-B, Block ‘B’, S.M.C.H.S., Main Shahra-e-Faisal, Karachi – 74400

Bankers to the Fund: Allied Bank Limited Bank Al- Falah Limited Faysal Bank Limited Soneri Bank Limited Auditor: A.F. Ferguson & Co Chartered Accountants State Life Building No. 1-C I.I. Chundrigar Road, Karachi.

Legal Advisor: Ijaz Ahmed & Associates Suit # 7, 11th Zamzama Steet, Phase-V, DHA Karachi.

Registrar: ABL Asset Management Company Limited. 11 – B, Lalazar, M. T. Khan Road, Karachi.

Page 01

ABL INCOME FUNDREPORT OF THE DIRECTORS OF THE MANAGEMENT COMPANY

Page 02

REPORT OF THE DIRECTORS OF THE MANAGEMENT COMPANY

The Board of Directors of ABL Asset Management Company Limited, the management company of ABL Income Fund (ABL-IF), is pleased to present the Condensed Interim Financial Statements (un-audited) of ABL Income Fund for the quarter ended September 30, 2016.

ECONOMIC PERFORMANCE REVIEW

Pakistan’s economic indicators remained steady during the period under review as release of last tranche by IMF under its USD6.4bn facility worth USD102mn marked successful completion of the program. This landmark was achieved by meeting majority of lender’s stringent quarterly criteria which portrays government’s strong willingness and commitment towards economic reforms. SBP, keeping in view uncertainties in international commodity and financial markets and its subsequent impact on country’s key macroeconomic indicators maintained policy rate at record low level of 5.75%.

Increase in food prices and house rent drove inflation higher in 1QFY17, with CPI for 1QFY17 coming in at 3.86%YoY compared to 1.66%YoY in corresponding period last year. Nevertheless, the figure came in below market expectations driving FY17 inflation expectations lower.

On the external front, CAD ballooned in 2MFY17 to 2.5% of GDP as compared to 1.4% in 2MFY16, exhibiting a sharp increase of 92%YoY to USD1.3 billion in 2MFY17 as opposed to USD686 million in 2MFY16. Deterioration in current account is mainly due to 1) 13%YoY increase in trade deficit owing to declining exports amid weak global demand and rising imports as non-oil imports remain elevated due to gradual pick up in machinery imports 2) higher services deficit in the absence of CSF inflows which contributed USD337 million in 2MFY16 and 3) lower workers remittances (USD3.1 billion vis-à-vis USD3.2 billion in 2MFY16) on account of slowdown in developed markets particularly in Gulf economies. On the other hand, backed by various inflows from multilateral and bilateral agencies, FX reserves touched highest ever tally of USD23.4bn, translating into an import cover of more than 5 months for the country. As a result, Rupee largely remained stable (-0.2%QoQ) against greenback in 1QFY17.

The Government performance on fiscal side remained unimpressive as revenue collections reported at PKR616 billion during 1QFY17 fell short by PKR70 billion against the target of PKR686 bn. The government may have to stretch their arms in order to meet overall tax collection target of PKR3.6 trillion where possibility of a mini budget cannot be ruled out. With the end of the IMF Extended Fund Facility in sight, the GOP shifted its borrowing burden to central bank by borrowing PKR580 billion while a debt worth PKR245 billion was retired from scheduled banks during the quarter. This resulted in a net increase in borrowing of PkR334 billion for budgetary support.

Government incessant push towards energy reforms, improvement in law and order situation and subsiding domestic and geopolitical tension will bode well for the economic growth prospects of the country going forward. Furthermore, ongoing development of the China Pakistan Economic Corridor is expected to provide required impetus to the growth. That said, increasing oil prices (post the OPEC decision to freeze output levels), weak remittances and declining exports may pose major challenges for the balance of payments.

MUTUAL FUND INDUSTRY REVIEW

Total assets under management (AUMs) of open end mutual funds recorded a massive growth of 13.1%QoQ in 1QFY17 (from PKR473 billion to PKR535 billion), mainly on account of substantial flows in equity and income funds categories. Despite subdued returns amidst low interest rates, fixed Income category improved by 11.2% during the quarter to PKR109 billion compared to PKR98 billion in June-16. On cumulative basis, the fixed income category (comprising of Income, Aggressive Income and Money Market funds) registered cumulative increase of 11.3% in 1QFY17 to close at PKR180 billion in September 30, 2016 compared to PKR162 billion in June 30, 2016. In line with conventional Fixed Income, Islamic Income Category also posted a handsome growth of 21.2% in AUMs to end the quarter at PKR36 billion.

FUND PERFORMANCE

During the period under review, ABL Income Fund posted an annualized return of 5.26% against the benchmark (6 month KIBOR) return of 6.03%, depicting an underperformance of 77 bps. Returns were mainly affected by valuation losses on

government securities on account of sharp reversal in bond yields due to higher inflation expectations amid increase in international crude prices. Further, status quo decisions in last 2 monetary policies against the expectation of cut in discount rate weaken market sentiments signalling the end of monetary easing cycle. Consequently, bond yields increased sharply across all tenors in the range of 9 to 30 bps. However, fund size of ABL IF increased by 6.45% to PKR 3.975 billion in Septem-ber 30, 2016 from PKR 3.734 billion as at June 30, 2016.

During the quarter, we increased allocation in PIBs and Spread Transactions in order to enhance portfolio yield. As a result, exposure to PIBs was increased to 17.68% of the fund compared to 12.85% in June 30, 2016. Moreover, we are maintaining a decent exposure of 8.86% in Spread Transactions at an attractive average rate of 6M KIBOR + 100bps. We reduced exposure in TFCs to 21.1% from 26.4% in June 30, 2016 in order to realize capital gains. At the end of period, exposure in cash and TDRs stood at 34.60% (down by 12.59%) and 6.17% (down by 1.14%) of the fund respectively while WAM of the fund was reduced to 714 days compared to 803 days in June 30, 2016.

Page 03

REPORT OF THE DIRECTORS OF THE MANAGEMENT COMPANY

The Board of Directors of ABL Asset Management Company Limited, the management company of ABL Income Fund (ABL-IF), is pleased to present the Condensed Interim Financial Statements (un-audited) of ABL Income Fund for the quarter ended September 30, 2016.

ECONOMIC PERFORMANCE REVIEW

Pakistan’s economic indicators remained steady during the period under review as release of last tranche by IMF under its USD6.4bn facility worth USD102mn marked successful completion of the program. This landmark was achieved by meeting majority of lender’s stringent quarterly criteria which portrays government’s strong willingness and commitment towards economic reforms. SBP, keeping in view uncertainties in international commodity and financial markets and its subsequent impact on country’s key macroeconomic indicators maintained policy rate at record low level of 5.75%.

Increase in food prices and house rent drove inflation higher in 1QFY17, with CPI for 1QFY17 coming in at 3.86%YoY compared to 1.66%YoY in corresponding period last year. Nevertheless, the figure came in below market expectations driving FY17 inflation expectations lower.

On the external front, CAD ballooned in 2MFY17 to 2.5% of GDP as compared to 1.4% in 2MFY16, exhibiting a sharp increase of 92%YoY to USD1.3 billion in 2MFY17 as opposed to USD686 million in 2MFY16. Deterioration in current account is mainly due to 1) 13%YoY increase in trade deficit owing to declining exports amid weak global demand and rising imports as non-oil imports remain elevated due to gradual pick up in machinery imports 2) higher services deficit in the absence of CSF inflows which contributed USD337 million in 2MFY16 and 3) lower workers remittances (USD3.1 billion vis-à-vis USD3.2 billion in 2MFY16) on account of slowdown in developed markets particularly in Gulf economies. On the other hand, backed by various inflows from multilateral and bilateral agencies, FX reserves touched highest ever tally of USD23.4bn, translating into an import cover of more than 5 months for the country. As a result, Rupee largely remained stable (-0.2%QoQ) against greenback in 1QFY17.

The Government performance on fiscal side remained unimpressive as revenue collections reported at PKR616 billion during 1QFY17 fell short by PKR70 billion against the target of PKR686 bn. The government may have to stretch their arms in order to meet overall tax collection target of PKR3.6 trillion where possibility of a mini budget cannot be ruled out. With the end of the IMF Extended Fund Facility in sight, the GOP shifted its borrowing burden to central bank by borrowing PKR580 billion while a debt worth PKR245 billion was retired from scheduled banks during the quarter. This resulted in a net increase in borrowing of PkR334 billion for budgetary support.

Government incessant push towards energy reforms, improvement in law and order situation and subsiding domestic and geopolitical tension will bode well for the economic growth prospects of the country going forward. Furthermore, ongoing development of the China Pakistan Economic Corridor is expected to provide required impetus to the growth. That said, increasing oil prices (post the OPEC decision to freeze output levels), weak remittances and declining exports may pose major challenges for the balance of payments.

MUTUAL FUND INDUSTRY REVIEW

Total assets under management (AUMs) of open end mutual funds recorded a massive growth of 13.1%QoQ in 1QFY17 (from PKR473 billion to PKR535 billion), mainly on account of substantial flows in equity and income funds categories. Despite subdued returns amidst low interest rates, fixed Income category improved by 11.2% during the quarter to PKR109 billion compared to PKR98 billion in June-16. On cumulative basis, the fixed income category (comprising of Income, Aggressive Income and Money Market funds) registered cumulative increase of 11.3% in 1QFY17 to close at PKR180 billion in September 30, 2016 compared to PKR162 billion in June 30, 2016. In line with conventional Fixed Income, Islamic Income Category also posted a handsome growth of 21.2% in AUMs to end the quarter at PKR36 billion.

FUND PERFORMANCE

During the period under review, ABL Income Fund posted an annualized return of 5.26% against the benchmark (6 month KIBOR) return of 6.03%, depicting an underperformance of 77 bps. Returns were mainly affected by valuation losses on

government securities on account of sharp reversal in bond yields due to higher inflation expectations amid increase in international crude prices. Further, status quo decisions in last 2 monetary policies against the expectation of cut in discount rate weaken market sentiments signalling the end of monetary easing cycle. Consequently, bond yields increased sharply across all tenors in the range of 9 to 30 bps. However, fund size of ABL IF increased by 6.45% to PKR 3.975 billion in Septem-ber 30, 2016 from PKR 3.734 billion as at June 30, 2016.

During the quarter, we increased allocation in PIBs and Spread Transactions in order to enhance portfolio yield. As a result, exposure to PIBs was increased to 17.68% of the fund compared to 12.85% in June 30, 2016. Moreover, we are maintaining a decent exposure of 8.86% in Spread Transactions at an attractive average rate of 6M KIBOR + 100bps. We reduced exposure in TFCs to 21.1% from 26.4% in June 30, 2016 in order to realize capital gains. At the end of period, exposure in cash and TDRs stood at 34.60% (down by 12.59%) and 6.17% (down by 1.14%) of the fund respectively while WAM of the fund was reduced to 714 days compared to 803 days in June 30, 2016.

AUDITORS

A. F. Ferguson & Co. (Chartered Accountants), on the recommendation of the Audit Committee of the Board of Directors being eligible for re-appointment have been appointed as auditors for the year ending June 30, 2017 for ABL Income Fund (ABL-IF).

FUND STABILITY RATING

JCR-VIS Credit Rating Company Ltd. (JCR-VIS) on December 31, 2015, has revised the Fund Stability Rating of ABL Income Fund to ‘A(f)’ (Single A (f)).

MANAGEMENT QUALITY RATING

On May 04, 2016, JCR-VIS Credit Rating Company Limited has harmonized its notations for the Management Quality

Rating of ABL Asset Management Limited (ABL AMC) at ‘AM Two Plus’ (AM2+). Outlook on the assigned rating is ‘Stable’.

OUTLOOK

Pakistan’s economy is all-set to see a period of sustained economic growth with fast-track work on CPEC and gradual resolution of energy crisis which should result in overall uptick in manufacturing activity. Furthermore, interest rates are expected to remain stable in near term as we foresee CPI to hover below 4.5% for FY17 against the target of 6.0%. Similarly, strong FX reserves position on the back various inflows will continue to support the exchange rate. However, any sharp recovery in international commodity prices, domestic political uncertainty and worsening geopolitical tension would be key risk to the growth.

From the Income Fund’s perspective, we will increase duration of the fund by taking active bets on government bonds (short term) and TFCs. Further, we expect returns to remain stable due to mark to market gains on corporate bonds portfolio and higher accrual income on bank deposits, TDRs and Spread Transactions.

ACKNOWLEDGEMENT

We thank our valued investors who have placed their confidence in us. The Board is also thankful to Securities & Exchange Commission of Pakistan, the Trustee (Central Depository Company of Pakistan Limited) and the management of Pakistan Stock Exchange Limited for their continued guidance and support. The Directors also appreciate the efforts put in by the management team.

Page 04

AUDITORS

A. F. Ferguson & Co. (Chartered Accountants), on the recommendation of the Audit Committee of the Board of Directors being eligible for re-appointment have been appointed as auditors for the year ending June 30, 2017 for ABL Income Fund (ABL-IF).

FUND STABILITY RATING

JCR-VIS Credit Rating Company Ltd. (JCR-VIS) on December 31, 2015, has revised the Fund Stability Rating of ABL Income Fund to ‘A(f)’ (Single A (f)).

MANAGEMENT QUALITY RATING

On May 04, 2016, JCR-VIS Credit Rating Company Limited has harmonized its notations for the Management Quality

Rating of ABL Asset Management Limited (ABL AMC) at ‘AM Two Plus’ (AM2+). Outlook on the assigned rating is ‘Stable’.

OUTLOOK

Pakistan’s economy is all-set to see a period of sustained economic growth with fast-track work on CPEC and gradual resolution of energy crisis which should result in overall uptick in manufacturing activity. Furthermore, interest rates are expected to remain stable in near term as we foresee CPI to hover below 4.5% for FY17 against the target of 6.0%. Similarly, strong FX reserves position on the back various inflows will continue to support the exchange rate. However, any sharp recovery in international commodity prices, domestic political uncertainty and worsening geopolitical tension would be key risk to the growth.

From the Income Fund’s perspective, we will increase duration of the fund by taking active bets on government bonds (short term) and TFCs. Further, we expect returns to remain stable due to mark to market gains on corporate bonds portfolio and higher accrual income on bank deposits, TDRs and Spread Transactions.

ACKNOWLEDGEMENT

We thank our valued investors who have placed their confidence in us. The Board is also thankful to Securities & Exchange Commission of Pakistan, the Trustee (Central Depository Company of Pakistan Limited) and the management of Pakistan Stock Exchange Limited for their continued guidance and support. The Directors also appreciate the efforts put in by the management team.

For & on behalf of the Board

Karachi, October 28, 2016Syed Khalid Hussain

Chief Executive Officer

ABL INCOME FUNDCONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIESAS AT SEPTEMBER 30, 2016

Page 05

ASSETS

Bank Balances 4 1,400,963 1,818,702 Investments 5 2,307,352 1,943,186 Profit receivable 61,559 34,416Deposits, other reivables and prepayments 145,632 44,045 Receivable against sale and maturity of investments 133,713 - Total assets 4,049,219 3,840,349

LIABILITIES

Payable to ABL Asset Management Company Limited - Management Company 6 29,579 29,506 Payable to the Central Depository Company of Pakistan Limited - Trustee 490 447 Payable to the Securities and Exchange Commission of Pakistan 758 3,271 Payable against redemption of units 2,063 1,626 Dividend payable - 1 Accrued expenses and other liabilities 7 41,009 71,008 Total liabilities 73,899 105,859

NET ASSETS 3,975,320 3,734,490

UNIT HOLDERS' FUND (AS PER STATEMENT ATTACHED) 3,975,320 3,734,490

CONTINGENCIES AND COMMITMENTS 8

NUMBER OF UNITS IN ISSUE 391,775,613 372,361,258

NET ASSET VALUE PER UNIT 10.1469 10.0292

FACE VALUE PER UNIT 10.0000 10.0000

The annexed notes 1 to 14 form an integral part of these condensed interim financial statements.

------------- Rupees in '000 -------------

----------- Number of Units -----------

For ABL Asset Management Company Limited(Management Company)

MUHAMMAD KAMRAN SHEHZADDirector

SYED KHALID HUSSAINChief Executive Officer

Note

For thequarter endedSeptember 30,

2016


2015---------------- Rupees in '000 ----------------

ABL INCOME FUNDCONDENSED INTERIM INCOME STATEMENT (UN-AUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2016

Page 06

INCOMECapital (loss) /gain on sale of investments - net (698) 10,722 Income from government securities 10,325 22,744 Income from term deposit receipts 4,626 1,258 Income from letters of placement 269 - Income from term finance certificates / other sukuks 19,410 7,571 Profit on deposits with bank 26,977 8,943 Dividend income 12,046 456 72,955 51,694Unrealised appreciation on re-measurement of investments classified as financial assets at fair value through profit or loss - net 1,144 10,941Unrealised gain on revaluation of future contracts 2,090 219 76,189 62,854EXPENSESRemuneration of ABL Asset Management Company Limited - Management Company 15,169 8,482 Sindh sales tax on remuneration of Management Company 6.1 1,972 1,378 Federal excise duty on remuneration of Management Company 6.2 - 1,357 Accounting and administrative expense 6.3 1,011 - Remuneration of Central Depository Company of Pakistan Limited - Trustee 1,074 694 Sindh sales tax on remuneration of Trustee 140 97 Annual fee - Securities and Exchange Commission of Pakistan 758 424 Brokerage and securities transaction costs 2,303 715 Bank charges 18 32 Auditors' remuneration 97 98 Legal and professional charges - 177 Printing charges 63 63 Listing fee 14 13 Annual rating fee 74 61 Other expenses - 188 Total operating expenses 22,693 13,779

Net income from operating activities 53,496 49,075Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed - net (903) 13,397Provision for Workers' Welfare Fund 7.1 - -

Net income for the period before taxation 52,593 62,472 Taxation 9 - -

Net income for the period after taxation 52,593 62,472 Other comprehensive income - -

Total comprehensive income 52,593 62,472

Earnings per unit 10


Note


2016


2015---------------- Rupees in '000 ----------------




ABL INCOME FUNDCONDENSED INTERIM DISTRIBUTION STATEMENT (UN-AUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2016

Undistributed income brought forward comprising of: - Realised income 5,772 14,187 - Unrealised income / (loss) 6,378 (7,876) 12,150 6,311Distribution during the Period:Cash distribution of Re. 0.0156 per unit on July 27, 2016 for the year ended June 30 2016 - (2015: nil) (6,016) -

Net income for the period after taxation 52,593 62,472

Undistributed income carried forward 58,727 68,783

Undistributed income carried forward comprising of: - Realised income 57,583 57,842 - Unrealised income 1,144 10,941 58,727 68,783 The annexed notes 1 to 14 form an integral part of these condensed interim financial statements.

Page 07


2016


2015---------------- Rupees in '000 ----------------




ABL INCOME FUNDCONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND (UN-AUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2016

Net assets at the beginning of the period 3,734,490 1,953,428Issue of 94,580,291(2015: 107,883,657) units 957,714 1,096,698 Redemption of 75,648,210 (2015: 28,043,028) units (764,364) (284,706) 193,350 811,992Net element of (income) / loss and capital (gains) / losses included in prices of units issued less those in units redeemed 903 (13,397)

Capital (loss) on sale of investments - net (698) 10,722 Unrealised appreciation / diminuation on re-measurement of investments classified as financial assets at fair value through profit or loss - net 1,144 10,941 Unrealised gain / loss on revaluation of future contracts 2,090 219 Other net income 50,057 40,590 52,593 62,472Distribution during the period:- Cash distribution of Re. 0.0156 per unit on July 27, 2016 for the year (6,016) - ended June 30, 2016 (2015: Nil)

Net assets at the end of the period 3,975,320 2,814,495


Page 08

Undistributed income brought forward comprising of: - Realised income 5,772 14,187 - Unrealised income / (loss) 6,378 (7,876) 12,150 6,311Distribution during the Period:Cash distribution of Re. 0.0156 per unit on July 27, 2016 for the year ended June 30 2016 - (2015: nil) (6,016) -

Net income for the period after taxation 52,593 62,472

Undistributed income carried forward 58,727 68,783

Undistributed income carried forward comprising of: - Realised income 57,583 57,842 - Unrealised income 1,144 10,941 58,727 68,783 The annexed notes 1 to 14 form an integral part of these condensed interim financial statements.


2016


2015---------------- Rupees in '000 ----------------




ABL INCOME FUNDCONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2016

CASH FLOWS FROM OPERATING ACTIVITIES

Net income before taxation 52,593 62,472

Adjustments for non-cash charges and other itemsUnrealised (appreciation) on re-measurement of investments classified as financial assets at fair value through profit or loss - net (1,144) (10,941)Element of (income) / loss and capital (gains) / losses included in prices of units issued less those in units redeemed - net 903 (13,397)Federal excise duty on remuneration of Management Company - 1,357 52,352 39,491(Increase) / decrease in assetsProfit receivable (27,143) 15,035 Investments (393,022) (514,500)Receivable against sale and maturity of investments (133,713) - Security deposits other receivables and prepayments (101,587) (22,160) (655,465) (521,625)Increase / (decrease) in liabilitiesPayable to ABL Asset Management Company Limited - Management Company 73 1,310 Payable to the Central Depository Company of Pakistan Limited - Trustee 43 89 Payable to the Securities and Exchange Commission of Pakistan (2,513) (838)Payable against redemption of units 437 (2,119)Accrued expenses and other liabilities (29,999) (291) (31,959) (1,849)

Net cash (used) in operating activities (635,072) (483,983)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash distribution paid (6,017) - Receipts from issuance of units 957,714 1,096,698 Payments on redemption of units (764,364) (284,706)Net cash (used) / generated in financing activities 187,333 811,992

Net increase / (decrease) in cash and cash equivalents (447,739) 328,009 Cash and cash equivalents at the beginning of the year 2,098,702 1,571,457

Cash and cash equivalents at the end of the year 4.2 1,650,963 1,899,466


Page 09

Note


2016


2015---------------- Rupees in '000 ----------------




ABL INCOME FUNDNOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2016

1 LEGAL STATUS AND NATURE OF BUSINESS

ABL Income Fund (the Fund) was established under a Trust Deed executed on June 16, 2008 between ABL Asset Management Company Limited (ABL AMCL) as the Management Company and the Central Depository Company of Pakistan Limited (CDC) as the Trustee. The Trust Deed was executed in accordance with the Non-Banking Finance Companies and Notified Entities Regulations, 2008. The Fund commenced its operations on September 20, 2008.

The Management Company of the Fund has been licensed to act as an Asset Management Company under the NBFC Rules through a certificate issued by the SECP on December 7, 2007. The registered office of the Management Company is situated at 11-B, Lalazar, M.T Khan Road, Karachi.

The Fund is an open-ended mutual fund and is listed on the Karachi Stock Exchange (Guarantee) Limited. The units of the Fund are offered to public for subscription on a continuous basis. The units are transferable and are redeemable by surrendering them to the Fund.

The Fund has been categorised as an open-end income scheme as per the criteria laid down by the Securities and Exchange Commission of Pakistan for categorisation of Collective Investment Schemes (CISs).

The objective of the Fund is to earn superior risk adjusted rate of return by investing in a blend of short, medium and long-term instruments, both within and outside Pakistan. The Fund, in line with its investment objectives, invests primarily in money and debt markets, certificate of investments, clean placements, spread transactions and other absolute return instruments.

JCR-VIS Credit Rating Company Limited has assigned Management Quality Rating of AM2 + (stable outlook) to the Management Company as at May 04, 2016 and Fund Stability Rating of A (f) to the Fund as at December 31, 2015.

The assets of the Fund are held in the name of the Central Depository Company of Pakistan Limited as the Trustee of the Fund.

2 BASIS OF PREPARATION

2.1 Statement of compliance

These Condensed Interim financial statements have been prepared in accordance with the approved accounting standards as applicable in Pakistan. The approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, the requirements of the Trust Deed, the Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003 (the NBFC Rules), the Non-Banking Finance and Notified Entities Regulations, 2008 (the NBFC Regulations) and the directives issued by the Securities and Exchange Commission of Pakistan (SECP). Wherever the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or the directives issued by the SECP differ with the requirements of IFRS, the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or the directives issued by the SECP prevail.

The disclosures made in these condensed interim financial statements have, however, been limited based on the requirements of International Accounting Standard 34: 'Interim Financial Reporting'. These condensed interim financial statements does not include all the information and disclosures required in a full set of financial statements and should be read in conjunction with the annual published financial statements of the Fund for the period ended June 30, 2016.

3 ACCOUNTING POLICIES

The accounting policies applied for the preparation of these condensed interim financial statements are the same as those applied in the preparation of the annual published financial statements of the Fund for the period ended June 30, 2016.

The preparation of these condensed interim financial statements in conformity with approved accounting standards requires management to make estimates, assumptions and use judgments that affect the application of policies nd reported amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable ectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of evision.

The significant judgments made by management in applying the accounting policies and the key sources of estimation of uncertainty were the same as those that applied to the financial statements as at and for the period ended June 30, 2016.

The financial risk management objectives and policies are consistent with those disclosed in the annual financial

statements of the Fund for the period ended June 30, 2016.

Page 10

1 LEGAL STATUS AND NATURE OF BUSINESS

ABL Income Fund (the Fund) was established under a Trust Deed executed on June 16, 2008 between ABL Asset Management Company Limited (ABL AMCL) as the Management Company and the Central Depository Company of Pakistan Limited (CDC) as the Trustee. The Trust Deed was executed in accordance with the Non-Banking Finance Companies and Notified Entities Regulations, 2008. The Fund commenced its operations on September 20, 2008.

The Management Company of the Fund has been licensed to act as an Asset Management Company under the NBFC Rules through a certificate issued by the SECP on December 7, 2007. The registered office of the Management Company is situated at 11-B, Lalazar, M.T Khan Road, Karachi.

The Fund is an open-ended mutual fund and is listed on the Karachi Stock Exchange (Guarantee) Limited. The units of the Fund are offered to public for subscription on a continuous basis. The units are transferable and are redeemable by surrendering them to the Fund.

The Fund has been categorised as an open-end income scheme as per the criteria laid down by the Securities and Exchange Commission of Pakistan for categorisation of Collective Investment Schemes (CISs).

The objective of the Fund is to earn superior risk adjusted rate of return by investing in a blend of short, medium and long-term instruments, both within and outside Pakistan. The Fund, in line with its investment objectives, invests primarily in money and debt markets, certificate of investments, clean placements, spread transactions and other absolute return instruments.

JCR-VIS Credit Rating Company Limited has assigned Management Quality Rating of AM2 + (stable outlook) to the Management Company as at May 04, 2016 and Fund Stability Rating of A (f) to the Fund as at December 31, 2015.

The assets of the Fund are held in the name of the Central Depository Company of Pakistan Limited as the Trustee of the Fund.

2 BASIS OF PREPARATION

2.1 Statement of compliance

These Condensed Interim financial statements have been prepared in accordance with the approved accounting standards as applicable in Pakistan. The approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, the requirements of the Trust Deed, the Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003 (the NBFC Rules), the Non-Banking Finance and Notified Entities Regulations, 2008 (the NBFC Regulations) and the directives issued by the Securities and Exchange Commission of Pakistan (SECP). Wherever the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or the directives issued by the SECP differ with the requirements of IFRS, the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or the directives issued by the SECP prevail.

The disclosures made in these condensed interim financial statements have, however, been limited based on the requirements of International Accounting Standard 34: 'Interim Financial Reporting'. These condensed interim financial statements does not include all the information and disclosures required in a full set of financial statements and should be read in conjunction with the annual published financial statements of the Fund for the period ended June 30, 2016.

3 ACCOUNTING POLICIES

The accounting policies applied for the preparation of these condensed interim financial statements are the same as those applied in the preparation of the annual published financial statements of the Fund for the period ended June 30, 2016.

The preparation of these condensed interim financial statements in conformity with approved accounting standards requires management to make estimates, assumptions and use judgments that affect the application of policies nd reported amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable ectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of evision.

The significant judgments made by management in applying the accounting policies and the key sources of estimation of uncertainty were the same as those that applied to the financial statements as at and for the period ended June 30, 2016.

The financial risk management objectives and policies are consistent with those disclosed in the annual financial

statements of the Fund for the period ended June 30, 2016.

Page 11

4 BALANCES WITH BANKS

Savings accounts 4.1 1,400,963 1,818,702

4.1 These savings accounts carry mark-up at rates ranging from 3.75% to 6.7% (June 30, 2015: 5.00% to 7.25%) per annum. Deposits in savings accounts include Rs. 267,200 thousand (June 30, 2015: Rs. 2,398 thousand) maintained with Allied Bank Limited, a related party.

4.2 Cash and cash equivalents Balances with banks 1,400,963 1,818,702 Term deposit receipts - having original maturity of 3 months or less 5.5 250,000 280,000 1,650,963 2,098,702

5 INVESTMENTS

Financial assets at fair value through profit or loss Government securities - Market treasury bills 5.1 9,473 9,339 - Pakistan investment bonds 5.2 715,779 492,072 - Term finance certificates Listed 5.3 973,147 319,194 - Term finance certificates Unlisted 5.3 - 498,560 - Sukuk Certificate 5.3 - 344,021 - Equity Investment 5.4 358,953 - 2,057,352 1,663,186 Term Deposit Receipts 5.5 250,000 280,000 2,307,352 1,943,186

(Un-audited)September 30,

2016

(Audited)June 30,

2016 Note ------------ Rupees in '000 ------------


2016

(Audited)June 30,

2016 ------------ Rupees in '000 ------------

Page 12

February 18, 2016

March 3, 2016

August 20, 2015

August 4, 2016

October 29, 2015

January 21, 2016

March 31, 2016

March 3, 2016

May 12, 2016

June 23, 2016

August 4, 2016

Total

12 Months

12 Months

12 Months

12 Months

12 Months

12 Months

06 Months

03 Months

03 Months

03 Months

03 Months

-

-

-

-

-

-

-

-

-

-

-

-

2,700

7,000

200,000

250,000

138,645

500,000

206,500

50,000

125,000

648,500

86,000

2,214,345

-

-

200,000

250,000

138,645

500,000

206,500

50,000

125,000

648,500

86,000

2,204,645

2,700

7,000

-

-

-

-

-

-

-

-

-

9,700

2,645

6,838

-

-

-

-

-

-

-

-

-

9,483

2,641

6,832

-

-

-

-

-

-

-

-

-

9,473

(4)

(6)

-

-

-

-

-

-

-

-

-

(10)

0.07%

0.17%

-

-

-

-

-

-

-

-

-

0.24%

0.11%

0.30%

-

-

-

-

-

-

-

-

-

0.41%

5.1 Government securities - Market Treasury Bills

---------------(Rupees- in 000)---------------

Marketvalue as a

percentage oftotal market

value ofinvestments

Marketvalue as apercentage

of netassets ofthe fund

Carryingvalue

Marketvalue

Appreciation /

(diminution) Issue date

As at July 01, 2016

Purchased during the

period

Disposed off / matured

during the period

As at September 30,

2015Tenor

Face Value Balance as at September 30, 2016

June 10, 2004

April 21, 2016

July 17, 2014

April 21, 2016

April 21, 2016

Total

20 Years

10 Years

5 Years

5 Years

3 Years

-

-

200,000

250,000

-

450,000

19,000

1,600,000

-

2,025,000

1,175,000

4,819,000

19,000

1,600,000

50,000

1,775,000

1,150,000

4,594,000

-

-

150,000

500,000

25,000

675,000

-

-

170,258

520,357

25,466

716,081

-

-

169,795

520,536

25,448

715,779

-

-

(463)

179

(18)

(302)

-

-

4.27%

13.09%

0.64%

18.01%

-

-

7.36%

22.56%

1.1%

31.02%

5.2 Government securities - Pakistan Investment Bonds

---------------(Rupees- in 000)---------------

Marketvalue as a


value ofinvestments

Marketvalue as apercentage

of netassets ofthe fund

Carryingvalue

Marketvalue

Appreciation /

(diminution) Issue date

As at July 01, 2016

Purchased during the

period

Disposed off / matured

during the period

As at September 30,

2015Tenor

Face Value Balance as at September 30, 2016

Term Finance CertificatesListedBank Al Falah Limited TFC VNIB Bank Limited TFC IISoneri Bank Limited TFCTotal

Term Finance CertificatesUn-ListedStandard Chartered Bank (Pakistan) Limited -. PPTFC VIAskari Bank Limited TFC VAskari Bank Limited TFC IVWAPDA PPTFC IIITotal

6 months KIBOR plus 1.25%6 months KIBOR plus 1.15%6 months KIBOR plus 1.35%

6 months KIBOR plus 0.75%6 months KIBOR plus 1.75%6 months KIBOR plus 1.75%6 months KIBOR plus 1.00%

5,984 50,000 8,000

63,984

16,000 51,800 1,000

38,000 106,800

- - - -

4,000 - - -

4,000

5,984 5,000 1,500

12,484

- 550

- 5,000 5,550

- 45,000

6,500 51,500

20,000 51,250

1,000 33,000

105,250

- 224,454

31,932 256,386

100,212 261,167

5,066 117,862 484,307

- 225,944

32,704 258,648

100,432 261,166

5,066 117,816 484,480

- 1,490

772 2,262

220 (1)

- (46)173

- 5.68%0.82%6.51%

2.53%6.57%0.13%2.96%

12.19%

5.3 Term Finance Certificates / Sukuks

----------(Rupees- in 000)----------

Name of theinvestee company

Rate of Return

Number of Certificates Balance as at September 30, 2016

As at July1, 2016

Purchasedduring the

period

Disposed off / matured during the

period

As atSeptember

30, 2016

Marketvalue as a

percentageof net

assets ofthe fund

Carryingvalue

Marketvalue

Appreciation / (diminution)

Page 13

SukuksEngro Fertilizer Sukuk Engro Fertilizer SukukK Electric Sukuk IITotal

6 months KIBOR plus 0.40%6 months KIBOR plus 1.75%3 months KIBOR plus 1.00%

38,750 11,200 19,077 69,027

239,811

- -

3,000 3,000

7,000

- 11,200 15,000 26,200

44,234

38,750 -

7,077 45,827

202,577

193,750

- 35,896

229,646

970,339

193,750 -

36,270 230,020

973,148

-

- 374

374

2,809

4.87% -

0.91%5.79%

24.48%

----------(Rupees- in 000)----------


Rate of Return

Number of Certificates Balance as at September 30, 2016

As at July1, 2016

Purchasedduring the

period

Disposed off / matured during the

period

As atSeptember

30, 2016

Marketvalue as a

percentageof net

assets ofthe fund

Carryingvalue

Marketvalue


Term Finance Certificates / Other Sukuks

Personal Goods (Textile)Nishat Mills LimitedNishat Chunian Limited

CementD.G.Khan Cement Company LimitedMaple Leaf Cement Facroty LimitedCheraat Cement Company LimitedPioneer Cement LimitedFauji Cement Company Limited

FertilizersEngro Corporation LimitedEngro Fertilizer Company LimitedFauji Fertilizer Bin Qasim LimitedFatima Fertilizer LimitedFauji Fertilizer Company Limited

Oil and Gas Exploration CompaniesOil and Gas Development Company Limited

Oil and Gas Marketing CompaniesSui Southern Gas pipelines LimitedHascol Petroleum LimitedPakistan State Oil Company Limited

Commercial BanksHabib Bank Limited

Food and Personal Care ProductsEngro Foods Limited

Multiutilities (Gas and Water)Sui Southern Gas Company Limited

Non Life InsuranceAdamjee Insurance Company Limited

PharmaceuticalsThe SEARLE Limited

Total

75,500 1,927,500 2,003,000

352,000 200,000 13,000 75,000 48,500

688,500

247,000 470,000 138,000

3,677,000 16,500

4,548,500

156,500 156,500

6,000 31,500

112,500 150,000

8,000 8,000

166,500 166,500

19,000 19,000

500 500

85,000 85,000

7825,500

75,500 109,000 184,500

- -

2,000 -

2,000 4,000

241,000 -

138,000 -

16,500 395,500

147,000 147,000

6,000

13,000 74,500 93,500

8,000 8,000

162,000 162,000

19,000 19,000

500 500

85,000 85,000

1,099,000

- 1,818,500 1,818,500

352,000 200,000

11,000 75,000 46,500

684,500

6,000 470,000

- 3,677,000

- 4,153,000

9,500 9,500

- 18,500 38,000 56,500

- -

4,500 4,500

- -

- -

- -

6,726,500

82,164 82,164

66,972 19,840

1,435 7,875 1,674

97,796

1,887 30,716

- 124,602

- 157,204

1,307 1,307

- 4,128

15,671 19,798

- -

645 645

- -

- -

- -

358,916

83,396 83,396

65,430 19,160

1,415 7,927 1,640

95,572

1,748 28,980

- 127,445

- 158,173

1,342 1,342

- 4,075

15,737 19,812

- -

658 658

- -

- -

- -

358,953

- 1,232 1,232

- (1,543)

(680)(20)

52 (34)

(2,225)

(139)(1,736)

- 2,843

- 968

34 34

- (53)

67 14

- -

13 13

- -

- -

- -

37

- 2.10%2.10%

1.65%0.48%0.04%0.20%0.04%2.40%

0.04%0.73%

- 3.21%

- 3.98%

0.03%0.03%

- 0.10%0.40%0.50%

- -

0.02%0.02%

- -

- -

- -

9.03%

- 3.61%3.61%

2.84%0.83%0.06%0.34%0.07%4.14%

0.08%1.26%

- 5.52%

- 6.86%

0.06%0.06%

- 0.18%0.68%0.86%

- -

0.03%0.03%

- -

- -

- -

15.56%

- - -

- - - - - -

- - - - - -

- -

- - - -

- -

- -

- -

- -

- - -

5.4 Shares of listed companies

----------(Rupees- in 000)----------Shares of listed companies - Fully paid ordinary shares of Rs. 10 each unless stated otherwise


Number of shares Market value

Marketvalue as a

percentageof net

assets ofthe fund

Marketvalue as a


value ofinvestments

Marketvalue


Carryingvalue

As at 1, July 2016

As at 30, September

2016

Purchasedduring the

period

Salesduring the

period

Page 14

6.1 The Provincial Government of Sindh levied Sindh Sales Tax at the rate of 13% (June 2015: 14%) on the remuneration of the Management Company through the Sindh Sales Tax on Services Act, 2011.

6.2 As per the requirement of the Finance Act, 2013, Federal Excise Duty (FED) at the rate of 16% on the remuneration of the Management Company has been applied effective 13 June 2013. The Management Company is of the view that since the remuneration is already subject to the provincial sales tax, further levy of FED may result in double taxation, which does not appear to be the sprit of the law.

On September 04,2013 a constitutional petition has been filed in the Honourable Sindh High Court (SHC) jointly by various asset management Companies, together with their representative Collective Investment Schemes through their trustees, challenging the levy of FED.

Subsequent to year ended June 30, 2016, the SHC has passed an order whereby all notices, proceedings taken or pending, orders made, duty recovered or actions taken under the Federal Excise Act, 20015 in respect of the render-ing or providing of services (to the extent as challenged in any relevent petition) have been set aside. With effect from July 01, 2016, FED on services provided or rendered by non-banking financial institutions dealing in services which are subject to provincial sales tax has been withdrawn by the Finance Act, 2016.

In view of the above, the Fund has discontinued making further provision in respect of FED on management fee from July 01, 2016. However, the provision made till September 30, 2016, aggregating to Rs. 19.142 million has not been reversed as the management believes that the Federal Government retains the right to appeal against the said order in the Supreme Court within the prescribed timeline. Had the provision not been made, the Net Asset Value per unit of the Fund as at September 30, 2016 would have been higher by 0.0489 (June 2016: 0.0514) per unit.

6.3 During the year, the SECP vide SRO No 1160 (1) / 2015 dated November 25, 2015 introduced amendments in the NBFC regulations. As a result of thsese amendments, the Management Company of the Fund is entitled to reimbursement of fees and expenses incurred by the Management Company in relation to registrar services, accounting, operation and valuation services related to collective investment schemes upto maximum of 0.1% of the average annual net assets of the scheme or actual whichever is less.


2016

(Audited)June 30,

2016 ------------ Rupees in '000 ------------

5.5 Term Deposit Receipts Term deposit receipts 250,000 280,000 - having original maturity of 3 months or less 250,000 280,000

5.5.1 Term deposit receipts carry mark-up at 7.15% per annum and maturity on November 28, 2016 (June 2016: 7.25% and maturity on August 25, 2016.

6 PAYABLE TO ABL ASSET MANAGEMENT COMPANY LIMITED - MANAGEMENT COMPANY Management fee 4,975 5,801 Sindh sales tax on remuneration of Management Company 6.1 3,501 3,627 Federal Excise duty on remuneration of Management Company 6.2 19,142 19,142 Accounting and administrative expense 6.3 1,942 931 Sales load 19 5 29,579 29,506


2016

(Audited)June 30,

2016 Note ------------ Rupees in '000 ------------

7.1 Provision for Workers' Welfare Fund

7.1.1 The Finance Act, 2008 had introduced an amendment to the Workers' Welfare Fund Ordinance, 1971 (WWF Ordinance). As a result of this amendment it was construed that all Collective Investment Schemes / mutual funds (CISs) whose income exceeded Rs 0.5 million in a tax year had been brought within the scope of the WWF Ordinance, thus rendering them liable to pay contribution to WWF at the rate of two percent of their accounting or taxable income, whichever is higher. In this connection, a constitutional petition was filed by certain CISs through their trustees in the Honorable High Court of Sindh (the Court), challenging the applicability of WWF to the CISs, which is pending adjudication.

During the year ended June 30, 2012, the Honourable Lahore High Court (LHC) in a Constitutional Petition relating to the amendments brought in the WWF Ordinance, 1971 through the Finance Act, 2006 and the Finance Act, 2008, had declared the said amendments as unlawful and unconstitutional. In March 2013, a larger bench of the Honour-able Sindh High Court (SHC) passed an order declaring that the amendments introduced in the WWF Ordinance, 1971 through the Finance Act, 2006 and the Finance Act, 2008 do not suffer from any constitutional or legal infirmity. However, the Honorable High Court of Sindh has not addressed the other amendments made in the WWF Ordinance, 1971 about applicability of WWF to the CISs which is still pending before the Court. In May 2014, the Peshawar High Court (PHC) had also held these amendments to be ultra vires as they lacked the essential mandate to be introduced and passed through the Money Bill under the Constitution. Without prejudice to the above, the Management Company, as a matter of prudence and abundant caution, has made provision for WWF amounting to Rs 37.575 million uptil September 30, 2016. Had the same not been made the net asset value per unit of the Fund as at September 30, 2016 would have been higher by Re 0.0959 per unit (June 2016: Re. 0.1009).

7.1.2 The Finance Act, 2015 has excluded Mutual Funds and Collective Investment Schemes from the definition of 'Indus-trial establishment' subject to WWF under the WWF Ordinance, 1971. Accordingly, no further provision of WWF has been made from July 1, 2015. However, provision made till June 30, 2015 has not been reversed as the above law suit is still pending in SHC.

Further, Sindh Workers Welfare Fund (SWWF) Act 2014 enacted in June 2015 requires every Industrial Establish-

ment located in the province of Sindh and having total income of Rs. 500,000 or more, to pay two percent of so much of its total income declared to SWWF. The said Act includes any concern engaged in the Banking or Financial Institution in the definition of “Industrial Undertaking” but does not define Financial Institution. The Management Company, based on the opinion obtained by MUFAP from its advisor who is of the view that Collective Investment Schemes (CIS) are not financial institutions, believes that SWWF is not applicable on the Fund.

8 CONTINGENCIES AND COMMITMENTS

There were no contingencies and commitments outstanding as at September 30, 2016 and June 30, 2016.

Page 15

7 ACCRUED EXPENSES AND OTHER LIABILITIES

Auditors' remuneration 378 260 Brokerage 1,326 117 Printing and others charges 178 200 Rating Fee 76 - Advance against issuance of units - 5,423 Payable to Workers' Welfare Fund 7.1 37,575 37,575 Withholding taxes 1,475 6,821 Other payable 1 3,077 41,009 53,473


2016

(Audited)June 30,

2016 Note ------------ Rupees in '000 ------------

9 TAXATION

The Fund's income is exempt from Income Tax as per clause 99 of part I of the Second Schedule of the Income Tax Ordinance, 2001 subject to the condition that not less than 90% of the accounting income for the year as reduced by capital gains whether realised or unrealised is distributed amongst the unit holders. Furthermore, as per Regulation 63 of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, the Fund is required to distrib-ute 90% of the net accounting income other than capital gains to the unit holders. The management intends to distribute at least 90% of the Fund's accounting income for the year ending 30 June 2015 as reduced by capital gain (whether realised or unrealised) to the unit holders. The Fund is also exempt from the provisions of Section 113 (minimum tax) under Clause 11A of Part IV of the Second Schedule to the Income Tax Ordinance, 2001. Accord-ingly, no provision for taxation has been made in this financial statements.

10 EARNINGS PER UNIT

Earnings per unit (EPU) has not been disclosed as in the opinion of management the determination of cumulative weighted average number of outstanding units for calculating EPU is not practicable.

11 TOTAL EXPENSE RATIO

The Scheme has maintained Total expense ratio (TER) 0.57% (0.08% representing Government Levies, WWF and SECP Fee).

12 TRANSACTIONS WITH RELATED PARTIES / CONNECTED PERSONS

Page 16

12.1 Detail of transactions with related parties / connected persons during the period:

ABL Asset Management Company Limited - Management Company Cash Dividend 232 -

Issue of 3,005,648 units (Sep 2015: nil units) 30,232 - Redemption of 792,409 Units (Sep 2015: Nill units) 8,000 - Remuneration 15,169 8,482 Sindh sales tax on remuneration of the Management Company 1,972 1,378 FED On Management Fee - 1,357

Allied Bank Limited Mark-up income on bank deposits 9,353 212 Markup on TDR - - Bank charges 8 12

Ibrahim Agencies (Private) Limited (Common directorship) Cash Dividend 17 - Issue of 1,732 units (Sep 2015: nil units) 17 - Central Depository Company of Pakistan Limited Remuneration of Trustee 1,074 694 Sindh sales tax on remuneration of Trustee 140 97

-------- Rupees in '000 --------

(Un-audited)Quarter Ended

September 30,2016 2015

Page 17

ABL Financial Planning Fund - Conservative Allocation Plan Cash Dividend 469 -

Issue of 1,740,736 units (Sep 2015: nil units) 17,626 - Redemption of 78,945 Units (2015: Nill units) 800 -

ABL Financial Planning Fund - Active Allocation Plan Cash Dividend 195 - Issue of 843,830 units (Sep 2015: nil units) 8,423 - Redemption of 707,313 Units (Sep 2015: Nill units) 7,120 -

DIRECTORS OF THE MANAGEMENT COMPANY Muhammad Waseem Mukhtar Cash Dividend 9 - Issue of 937 units (Sep 2015: nil units) 9 77

-------- Rupees in '000 --------

(Un-audited)Quarter Ended

September 30,2016 2015

12.2 Detail of balances with related parties / connected persons as at period end: ABL Asset Management Company Limited - Management Company Outstanding 19,089,106 units (June 2016: 16,875,867 units) 193,695 169,251 Remuneration payable 4,975 5,801 Sindh sales tax on remuneration of the Management Company 3,501 3,627 FED On Management Fee 19,142 19,142 Sales load 19 5 Accounting and operetional expenses 1,942 931

Allied Bank Limited Balances held in savings accounts 267,200 556,631 Mark - up accrued on deposits 1,073 252

Ibrahim Agencies (Private) Limited (Common directorship) Outstanding 1,491,163 units (June 2016: 1,489,431 units) 15,131 14,938

Central Depository Company of Pakistan Limited - Trustee Remuneration and CDC connection fee payable 444 393 Sindh sales tax on remuneration of the Trustee 46 54 Security deposits receivable 100 100 Balance in IPS account - 803

ABL Financial Planning Fund - Conservative Allocation Plan Outstanding 41,524,313 units (June 2016: 39,862,521 units) 421,343 399,789

ABL Financial Planning Fund - Active Allocation Plan Outstanding 16,671,017 units (June 2016: 16,534,500 units) 169,159 165,828


2016

(Audited)June 30,

2016 ------------ Rupees in '000 ------------

Page 18

DIRECTORS OF THE MANAGEMENT COMPANY Muhammad Waseem Mukhtar Outstanding 672,045 units (June 2016: 671,109 units) 6,819 6,731

KEY MANAGEMENT PERSONNEL Former Chief Executive Officer Outstanding 241,298 units (June 2016: 240,961 units) 2,448 2,417

13 GENERAL

13.1 Figures have been rounded off to the nearest thousand rupees.

14 DATE OF AUTHORISATION FOR ISSUE

These condensed interim financial statements were authorised for issue on 28, October 2016 by the Board of Directors of the Management Company.


2016

(Audited)June 30,

2016 ------------ Rupees in '000 ------------




Page 19

Page 20

Page 21

Page 22

Page 23

Documents

Report of the Directors of the Management Company (Urdu ...€¦ · Suit # 7, 11th Zamzama Steet, Phase-V, DHA Karachi. Registrar: ABL Asset Management Company Limited. 11 – B,